The Law and Practice of Insolvent Assignments in the State of New York; With Forms

The Law and Practice of Insolvent Assignments in the State of New York; With Forms

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1876 edition. Excerpt: ...of their creditors preferences when making these insolvent assignments. The abuses that had grown up under this system had become so flagrant, and had received so many judicial rebukes, that it became necessary to enact some law whereby all of the creditors of an insolvent would be entitled to an equal pro rata share in the distribution of the trust estate created by the assignment. It will be seen, therefore, that, as the creditors of the insolvent are entitled to share equally in the fund, there is no necessity to allude to the requirements of an assignment, as far as regards the drawing up of the same. The form given in the appendix is taken from one now on file, and which has stood the test of a final accounting. It is very simple in its form, and can be adapted easily to any case. The simpler the form the better. Here again we see a radical difference between the insolvent act and the bankrupt law. In the former the assignor makes his own assignment, whilst in the latter the judge or register does it for him. Section 14, Bankrupt Law. The common form in use by registers for making such assignments is of the simplest character--conveying and assigning to the assignee all the estate, real and personal, of the bankrupt, including property of every kind of which he was possessed, interested in or entitled to have, with all his deeds, books and papers relating thereto, excepting the property exempted by the 14th section of the act, to hold in trust for the uses and purposes, with the powers and subject to the conditions and limitations set forth in the act. Where there is no opposing interest, the register executes such assignment. Under the State law this assignment must be executed and acknowledged by the assignor or assignors. Under...
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Product details

  • Paperback | 48 pages
  • 189 x 246 x 3mm | 104g
  • United States
  • English
  • black & white illustrations
  • 1236922700
  • 9781236922700